Bureau of Economic Analysis

Survey of Current Business

Table of Contents January 1999

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Regular features

Real GDP increased 3.7 percent in the third quarter of 1998, according to
the ``final'' NIPA estimate; the ``preliminary'' estimate issued last month had
shown a 3.9-percent increase. A downward revision to net exports more than
offset an upward revision to business fixed investment. Corporate profits
increased $6.4 billion (0.8 percent at a quarterly rate) in the third quarter,
as an increase in profits of domestic nonfinancial corporations more than offset
a decrease in profits from the rest of the world.

The U.S. current-account deficit increased $4.6 billion, to $61.3 billion,
in the third quarter of 1998. The increase was accounted for by an increase in
the deficit on investment income, a decrease in the surplus on services, and an
increase in net unilateral transfers. In the capital account, capital outflows
decreased more than capital inflows. U.S. assets abroad increased $48.1 billion
after increasing $109.8 billion, and foreign assets in the United States
increased $112.9 billion after increasing $164.9 billion.